At the time of this publication, Bitcoin’s market cap stands at $125 billion with its market dominance at 58%.

Bitcoin’s global trade volume has broken a new record with $29 Billion in BTC volume as against a previous high of $25.5 Billion in January 8th 2018.

Bitcoin is now -63% from its previous ATH price of $20,000.

Analysis

Analysis across the cryptocurrency community are in varying views, few people believe that this could be the bull run; others however opine that this could be a short squeeze or spike.

Some more bullish analysts say if the BTC/USD pair support holds, $7800 0r $8000 is possible therefore strengthening claims of possible rally; with a bull cross of the 100-and 200 day moving averages (MA) visible for the first time since July 2015.

Pull backs, if any are likely reversed at $5,450 but at this time, BTC charts show a clear uptrend, as short and medium term price predictions remain Bullish. It would be interesting to see how the market reacts and if the $8000 mark is reached in the next 24-48 hours.

Technical Indicators

4 hours MACD – The MACD for BTC/USD is gaining momentum in the bullish zone.

Stochastic RSI – The RSI for BTC/USD is currently in the overbought zone.